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WALSHIRE ASSURANCE COMPANY REPORTS THIRD QUARTER EARNINGS; PREMIUMS WRITTEN INCREASE BY 33.9 PERCENT

 YORK, Pa., Nov. 11 /PRNewswire/ -- Walshire Assurance Company (NASDAQ-NMS: WALS) announced today its results for the 1993 third quarter ending Sept. 30.
 Third quarter revenues were $6.87 million, a 30.5 percent increase from 1992 third quarter revenues. Premiums written (which will be earned over the next 12 months) increased by $1.9 million, or 33.9 percent, in the period. This growth was derived from the following: 43.5 percent from auto physical damage, 56.2 percent from primary liability, and .3 percent from other products.
 Total expenses for the quarter rose 32.3 percent, to $5.96 million, from the prior year period. The increase was primarily the result of the higher level of loss reserves relating to primary liability business that has been offered by the company for the last two years. The company's policy is to maintain reserves for this product at industry levels until company-specific data is available.
 Net income for the quarter was $692,681, or 20 cents per share on a primary and fully diluted basis. This compares with net income for the 1992 third quarter of $558,817, or 25 cents per share (21 cents fully diluted).
 Kenneth R. Taylor, Walshire's president, said: "We are continuing to experience growth in our core businesses of auto physical damage and primary liability, while simultaneously exceeding our goal of increasing premiums written by 25 percent annually. We continue to utilize our conservative approach toward maintaining calm reserves, and we feel that as we enter 1994 the company will be positioned to grow and maximize shareholder value."
 Nine-Month Results
 Revenues for the first nine months of 1993 were $19.4 million, a 28.1 percent increase over 1992 first nine months revenues. Premiums written in the first nine months of 1993 increase 44.6 percent from the same period last year, a volume growth of $6.8 million. The growth was derived from the following: 28.9 percent from auto physical damage, 69.7 percent from primary liability, and 1.4 percent from other areas of operations.
 Expenses for the first nine months of 1993 were $16.8 million, a 34.5 percent increase from the prior year period. Net income for the first nine months was $2.0 million, or 62 cents per share, including 2 cents per share resulting from an accounting change (61 cents on a fully diluted basis, including 2 cents per share resulting from an accounting change). Net income for the first nine months of 1992 was $2.0 million, or 86 cents per share (70 cents fully diluted).
 Walshire Assurance Company is a regional insurance holding company. through its subsidiaries, Walshire conducts business in three insurance- related areas: property and casualty insurance; insurance premium finance; and claims adjustment services. The company's primary focus has been to offer services to the transportation industry and the company is now licensed to write business in 31 states. Walshire maintains a rating of "A" from Best's.
 WALSHIRE ASSURANCE COMPANY
 Third Quarter 1993 Financial Highlights
 (Unaudited)
 Three Months Ended
 Sept. 30,
 1993 1992
 Revenues $6,868,815 $5,262,244
 Expenses 5,962,134 4,505,018
 Income before income taxes 906,681 757,226
 Provision for income taxes 214,000 198,409
 Net income $ 692,681 $ 558,817
 Net income per common share and common
 equivalent share:
 Primary:
 Net income $ .20 $ .25
 Weighted average shares outstanding 3,536,355 2,277,242
 Fully diluted:
 Net income $ .20 $ .21
 Weighted average shares outstanding 3,536,355 3,575,667
 Nine Month 1993 Financial Highlights
 (Unaudited)
 Nine Months Ended
 Sept. 30,
 1993 1992
 Revenues $19,386,959 $15,138,359
 Expenses 16,792,721 12,486,578
 Income before income taxes and
 cumulative effect of the change in
 accounting for income taxes 2,594,238 2,651,781
 Provision for income taxes 638,000 690,000
 Income before cumulative effect of the
 change in accounting for income taxes 1,956,238 1,961,781
 Cumulative effect of the change in
 accounting for income taxes 61,000 --
 Net income $2,017,238 $1,961,781
 Net income per common share and common
 equivalent share:
 Primary:
 Income before cumulative effect of the
 change in accounting for income taxes $ .60 $ .86
 Cumulative effect of the change in
 accounting for income taxes .02 --
 Net income $ .62 $ .86
 Weighted average shares outstanding 3,237,103 2,274,576
 Fully diluted:
 Income before cumulative effect of the
 change in accounting for income taxes $ .59 $ .70
 Cumulative effect of the change in
 accounting for income taxes .02 --
 Net income $ .61 $ .70
 Weighted average shares outstanding 3,511,338 3,575,552
 -0- 11/11/93
 /CONTACT:: Gary J. Orndorff, vice president/treasurer of Walshire Assurance Company, 717-757-0000, or Corey Cutler of Dewe Rogerson, 212-688-6840/
 (WALS)


CO: Walshire Assurance Company ST: Pennsylvania IN: INS SU: ERN

WB-TW -- NY061 -- 3351 11/11/93 15:50 EST
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Date:Nov 11, 1993
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